Before changing your residency to a new state for income tax purposes, consider the items outlined in this checklist. For additional insights, read more on how to successfully change your tax residency.
Families with the means and flexibility to choose where they live, particularly those anticipating a liquidity event or a life change such as retirement may be looking for a more tax advantageous place to call home. Changing your tax residency has many potential positives, but it’s not as simple as filing a change of address with the U.S Post...
In preparing for the birth of his daughter, David Slover developed a to-do list each parent should think about executing. Topics shared include Last Will and Testament, Financial and Healthcare Powers of Attorney, Living Will, Life Insurance Policies and Retirement Accounts.
With increasing interest rates, the Treasury Department's recent publication of long-awaited proposed regulations will change the life-expectancy factors used in life expectancy-based estate planning. While the changes may not seem drastic, they should be considered by individuals contemplating its use. For most types of planning, when increase...
Social media and other digital accounts have a life of their own. Managing them is one aspect of managing a deceased person's digital estate. Sometimes the problem is simply closing an account while other times, you hope to gain access to a loved one's accumulated photos, videos, or other important files. To help manage your digital account...
Many affluent parents have concerns about the impact a significant inheritance could have on their children. If you're not ready to give the bulk of your estate to charity but you are concerned about the potential impact of inherited wealth on your children, there are other options. They include timing the cash distributions, adding genera...
The IRS is increasing its audit of large partnerships and is increasingly scrutinizing the validity and deductibility of management fee arrangements. In the case, Aspro, Inc. v. Commissioner, it offers a warning to taxpayers, including private equity and venture capital funds seeking to establish similar arrangements with their portfolio companies....
Persistent inflation and high interest rates have driven up costs and negatively affected charities. As a result, taking an efficient, tax-smart approach to maximizing donor impact has never been more important. Here are 12 ways to increase donor impact and potentially reduce taxable income in 2023 and beyond.
While it can happen at any time, it’s usually at year’s end that brings a wealth of considerations to the table for individuals—setting the right tax strategy, determining your charitable giving plan, various retirement saving strategies, and establishing goals for the coming months. Asking “Is this the right move?&rdqu...
Effective tax planning can accomplish much more than limiting the tax liabilities for the current and future years. With a closer look at the federal state and gift tax exemption levels and other tax areas, there are opportunities to maximize additional savings and achieve your tax planning goals in 2023.
With so many priorities on the Biden administration’s tax policy agenda, the biggest question for businesses and individuals alike is: How will this impact me? Regardless of whether the administration accomplishes everything outlined in the Treasury’s Green Book, businesses and individuals must take a proactive approach to tax planning....
A grantor retained annuity trust (“GRAT”) is an estate planning instrument that may be used to transfer wealth from the trust grantors to the trust beneficiaries. In this overview of GRATs, learn how annuity payment analysis works and the considerations the valuation analysts should keep in mind when it is time to estimate the fair mark...
S corporations have become the most common business taxation structure in the United States since its creation in 1958, allowing businesses to achieve the advantages of the corporate characteristics of limited liability, combined with the pass-through income attributes of a partnership. Under this structure, it is important for the v...
S corporation shareholder agreements should be carefully crafted by legal counsel in order to avoid certain events that can imperil the company’s S election. One important consideration is the language in the shareholder agreement related to nonvoting stock transfer restrictions. Learn how to address this issue—and avoid costly pitfalls—before...
A trustee’s job is to carry out the intent of the trust creator, using the trust document as a roadmap. Trustees and beneficiaries must work to build a mutually beneficial relationship to ensure long-term success. In the latest Tolleson Insights podcast, President Richard Joyner provides a road map on the five principles families should consi...